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Member, Beacon International Group, Ltd.
There were 725 natural catastrophes worldwide that caused $18 billion in insured losses during the first nine months of this year, Munich Reinsurance Co. said Monday.
That is the second-highest number of weather-related events recorded in the January-through-September period since 1980, the Munich-based reinsurer said in a report.
During the period, Munich Re said economic losses from natural catastrophes totaled $65 billion while insured losses were $18 billion.
Munich Re said there has been a marked increase in the number of weather-related events in recent years, including flood losses that have more than tripled and windstorm catastrophes that have doubled since 1980.
In a statement, Munich Re said there is “the probability of a link between the increasing number of weather extremes and climate change.”
Munich Re said it would issue a series of communications on natural catastrophes, climate change and potential solutions prior to the Nov. 29-Dec. 10 World Climate Summit in Cancun, Mexico.
Munich Re's report is part of an electronic folder of research findings available at www.munichre.com.